Vail Resorts, Inc. (NYSE: MTN) shares collapsed Friday on first-quarter results. The company also provided season pass sales results and certain early ski season indicators and reaffirmed its guidance for fiscal 2019.
The company, based in Broomfield, Colorado, also reported net loss of $107.8 million for the first fiscal quarter of 2019 compared to $28.4 million in the same period in the prior year.
Fiscal 2019 first quarter net loss included the after-tax effect of acquisition and integration related expenses of $4.9 million and an incremental loss of $3.6 million from off-season operations at the resorts acquired during the quarter, as well as approximately $1 million of headwind from currency translation related to operations at Perisher, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results.
The Company reaffirmed its guidance for fiscal year 2019 of $718 million to $750 million of Resort Reported EBITDA.
CEO Rob Katz said, "Our first fiscal quarter historically operates at a loss, given that our North American mountain resorts are not open for ski operations during the period.
"The quarter's results are primarily driven by winter operating results from Perisher and our North American resorts' summer activities, dining, retail/rental and lodging operations, and administrative expenses."
The Company declared a quarterly cash dividend of $1.47 per share of Vail Resorts common stock that will be payable on January 10, 2019 to shareholders of record on December 27, 2018.
MTN shares dumped $30.50, or 11.2%, to $241.27
